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科德教育(300192)25H1点评:教育收入略有下滑 有望受益于中昊芯英资本运作
Xin Lang Cai Jing· 2025-08-27 00:41
事件:25H1,公司实现收入 3.66亿元、同减1.15%,归母净利润5328 万元、同减15.16%,扣非后净利 润5315 万元、同减14.21%。 点评: 期间费用率提升。25H1,销售费用率同增0.2pct 至2.6%,管理费用率同增0.4pct 至7.3%,研发费用率同 增0.4pct 至2.4%,财务费用率同增0.2pct 至-0.1%。 中昊芯英淡季亏损扩大致公司投资损失扩大。参股公司中昊芯英一般H1 为收入确认淡季,H2 为收入确 认旺季,25H1,实现收入1.02 亿元、同增87.6%,净利润-1.44 亿元、去年同期为-0.83 亿元。中昊芯英 25H1亏损扩大致公司投资损失扩大。 盈利预测与投资评级:25H1 公司收入小幅下滑,由于中昊芯英H1 淡季造成公司投资损失扩大,净利润 下滑幅度超过收入下滑幅度,预计随着H2 中昊芯英旺季的到来,公司盈利表现有望得到改善。暂维持 25~27年1.61/1.85/2.10 亿元的净利润预测,当前股价对应PE 估值为54x/47x/41x。考虑到参股子公司中 昊芯英在人工智能芯片领域的深耕、以及拟收购天普股份控股权的资本运作,维持"买入"评级。 风险 ...
以红色教育为核心、艺术体验为载体 “九色鹿”暑托服务护航童年梦想
Zhen Jiang Ri Bao· 2025-08-26 23:37
Core Viewpoint - The "Nine-Color Deer" public summer care class in the Jiuhua Mountain Villa community successfully concluded, addressing the childcare challenges faced by dual-income and new employment families, serving over 40 children in the district [1][2]. Group 1: Program Structure and Impact - The summer care class implemented an innovative "Nine-Color Curriculum" system, emphasizing comprehensive education through various activities, including red culture, AI classes, and traditional crafts, which significantly nurtured children's growth [2][4]. - Activities included practical skills like making earthquake alarms and an eco-friendly fashion show, promoting both safety awareness and environmental consciousness among children [3][4]. Group 2: Community Collaboration - The success of the program was attributed to a collaborative model involving community support, university student volunteers, and contributions from local businesses, fostering a strong partnership between families and educational institutions [3][4]. - The program's approach of "learning through play" was highlighted, with children engaging in hands-on activities that combined fun with educational value [3]. Group 3: Future Development and Goals - The Jiuhua Mountain Villa community aims to enhance the "Nine-Color Deer" brand, focusing on integrating various educational elements and expanding service reach, while striving to create a sustainable and replicable community service model [4]. - The community's commitment to instilling a sense of national pride and responsibility in children through red education and artistic experiences was emphasized as a key aspect of their mission [4].
科德教育(300192):25H1点评:教育收入略有下滑,有望受益于中昊芯英资本运作
Xinda Securities· 2025-08-26 14:17
证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 科德教育(300192) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 范欣悦 商社行业首席分析师 [Table_S 事件:25H1 ummar,公司实现收入 y] 3.66 亿元、同减 1.15%,归母净利润 5328 万 元、同减 15.16%,扣非后净利润 5315 万元、同减 14.21%。 执业编号:S1500521080001 邮 箱:fanxinyue@cindasc.com 相关研究 [Table_OtherReport] 24&25Q1 点评:24 年教育业务小幅增 长 科德教育 24Q3 点评:陕西新高考或影 响业绩增速 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编:100031 [Table_Title] 25H1 点评:教育收入略有下滑,有望受益于 中昊芯英资本运作 [Table_ReportDate] 2025 年 08 ...
科德教育:8月26日召开董事会会议
Mei Ri Jing Ji Xin Wen· 2025-08-26 09:12
每经AI快讯,科德教育(SZ 300192,收盘价:26.32元)8月26日晚间发布公告称,公司第六届第六次 董事会会议于2025年8月26日在公司会议室以现场和通讯表决相结合的方式召开。会议审议了《关于 <2025年半年度报告全文及摘要>的议案》等文件。 截至发稿,科德教育市值为87亿元。 每经头条(nbdtoutiao)——能给主人"打电话"的宠物智能手机也来了!宠物产业3000亿元市场大爆 发,行业上市公司"涨"声一片 (记者 胡玲) 2024年1至12月份,科德教育的营业收入构成为:油墨及类似产品制造占比53.76%,教育培训占比 46.24%。 ...
探索国际教育叙事多维度呈现方式 新东方启动《视界》第二季
Zheng Quan Ri Bao Wang· 2025-08-25 13:20
本报讯 (记者桂小笋)8月25日,《证券日报》记者从新东方教育科技集团(以下简称"新东方")处获 悉,为探索国际教育叙事的更鲜活呈现方式,新东方对外公布了新书《走向世界的孩子》,并宣布纪录 片《视界》第二季启动。据悉,《视界》系列纪录片自推出以来,全网播放量已超过3000万次,并荣获 多项权威媒体奖项,引发了很多家庭对国际教育的深入思考。 周成刚分析,孩子们比名校录取通知书更珍贵的收获是个人发自内心的追求,有了脚踏实地的追求,内 心才会沉着充实,才能长远地走下去。新东方为更多家庭架设通向优质国际教育的桥梁,让更多孩子了 解世界、融入世界、拥抱世界并被变化的世界所接纳,把中国带给世界的同时,也能把世界更好地带回 中国。 同时,全球领先的数字支付公司Visa将成为《视界》第二季的战略合作伙伴。Visa中国区总裁尹小龙介 绍,Visa服务全球国际学生群体多年,深信教育的变革力量。新东方不仅是Visa的长期合作伙伴,更对 国际教育领域有切实理解,期待《视界》第二季能讲述更多元的学生故事,双方共同见证成长的无限可 能。 在此基础上,新东方将第一季的深度访谈与思想沉淀集结成册,正式推出《走向世界的孩子》一书。在 新书主创 ...
思考乐教育再跌超6% 较年内高点已腰斩 新校区投入令利润短期承压
Zhi Tong Cai Jing· 2025-08-25 07:00
思考乐教育(01769)再跌超6%,盘中低见2.22港元,较年内高点5.23港元已腰斩。截至发稿,跌6.67%, 报2.38港元,成交额2373.07万港元。 消息面上,近日,思考乐教育发布截至2025年6月30日止六个月业绩,收益4.39亿元(人民币,下同),同 比增长10.1%;公司拥有人应占溢利6293.3万元,同比下降23.9%;撇除基于股份的薪酬开支,公司拥有 人应占经调整净溢利0.81亿元,同比减少13.1%。 光大证券指出,公司上半年毛利率为34.3%,同比-10.1pcts,主要系广州新学习中心处于提速爬坡阶 段,前期租金、薪酬等成本投入较大,而体验课程导致初期收入相对较低,对毛利及净利产生短期负面 影响。此外,上半年收入增速较24年放缓,主要受深圳大本营拖累。今年以来,深圳市场竞争加剧,同 时公司推进人员迭代与管理层调整,多重因素叠加导致深圳市场收入增速放缓。 ...
港股异动 | 思考乐教育(01769)再跌超6% 较年内高点已腰斩 新校区投入令利润短期承压
智通财经网· 2025-08-25 07:00
智通财经APP获悉,思考乐教育(01769)再跌超6%,盘中低见2.22港元,较年内高点5.23港元已腰斩。截 至发稿,跌6.67%,报2.38港元,成交额2373.07万港元。 光大证券指出,公司上半年毛利率为34.3%,同比-10.1pcts,主要系广州新学习中心处于提速爬坡阶 段,前期租金、薪酬等成本投入较大,而体验课程导致初期收入相对较低,对毛利及净利产生短期负面 影响。此外,上半年收入增速较24年放缓,主要受深圳大本营拖累。今年以来,深圳市场竞争加剧,同 时公司推进人员迭代与管理层调整,多重因素叠加导致深圳市场收入增速放缓。 消息面上,近日,思考乐教育发布截至2025年6月30日止六个月业绩,收益4.39亿元(人民币,下同),同 比增长10.1%;公司拥有人应占溢利6293.3万元,同比下降23.9%;撇除基于股份的薪酬开支,公司拥有 人应占经调整净溢利0.81亿元,同比减少13.1%。 ...
【光大研究每日速递】20250824
光大证券研究· 2025-08-24 00:04
Group 1 - Hengyi Petrochemical (000703.SZ) reported a significant recovery in Q2 performance, with Q2 revenue of 28.79 billion yuan, a year-on-year decrease of 13.0%, but a quarter-on-quarter increase of 6.0%. The net profit attributable to shareholders was 175 million yuan, showing a year-on-year increase of 953.9% and a quarter-on-quarter increase of 240.2% [3] - Hongdian East Magnet (002056.SZ) achieved a revenue of 11.936 billion yuan in H1 2025, a year-on-year increase of 24.76%, and a net profit of 1.02 billion yuan, up 58.94% year-on-year. Q2 revenue was 6.713 billion yuan, with a year-on-year increase of 25.87% and a net profit of 562 million yuan, reflecting a year-on-year increase of 94.80% [3] - Guotai Group (603977.SH) reported H1 2025 revenue of 1.059 billion yuan, a year-on-year decrease of 6.03%, and a net profit of 121 million yuan, down 11.14%. The net cash flow from operating activities was 142 million yuan, up 16.73% year-on-year [4] Group 2 - Kingsoft Cloud (3896.HK) reported total revenue of 2.349 billion yuan in Q2 2025, with year-on-year and quarter-on-quarter growth of 24.2% and 19.3%, respectively. Adjusted EBITDA reached 406 million yuan, a year-on-year increase of 570.1%, with an adjusted EBITDA margin of 17.3%, reflecting significant improvements in revenue structure and cost efficiency [6] - Huali Group (300979.SZ) achieved H1 2025 revenue of 12.66 billion yuan, a year-on-year increase of 10.4%, but net profit decreased by 11.1% to 1.67 billion yuan. The company proposed a cash dividend of 1.0 yuan per share, with a payout ratio of approximately 70% [7] - ZhiYue Education Group (3978.HK) reported a gross margin of 45.0% in H1 2025, a slight year-on-year increase of 0.1 percentage points, although the overall gross margin was impacted by a higher proportion of low-margin business [8] - WuXi Biologics (2269.HK) achieved revenue of 9.953 billion yuan in H1 2025, a year-on-year increase of 16.1%, and a net profit of 2.339 billion yuan, up 56.0% year-on-year. The gross margin improved by 3.6 percentage points to 42.7%, indicating significant earnings improvement [8]
【卓越教育集团(3978.HK)】素质业务收入高增,AI赋能成效显著——2025年半年报点评(陈彦彤/汪航宇/聂博雅)
光大证券研究· 2025-08-24 00:04
点击注册小程序 查看完整报告 特别申明: 本订阅号中所涉及的证券研究信息由光大证券研究所编写,仅面向光大证券专业投资者客户,用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户,请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限,若给您造成不便,敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 分业务看,25H1素质教育/全日制复习/辅导项目分别实现收入7.23/1.01/0.89亿元,分别同比+513.1%/-18.3%/ +17.6%。25H1公司收入同比实现翻倍以上增长,主要系:1)综合素养业务产品与服务质量不断提升,推动报 读人次和续报率等运营指标持续上升。2)广州、深圳、佛山市场拓展成效显著,依托本土化课程和品牌影响 力扩大了市场份额,共同拉动了整体收入增长。3)AI技术在教学、营销等环节的应用优化了流程,人才策略 保障了师资供给,进一步支撑了业务扩张。 毛利率保持平稳,区域拓展及AI投入致净利率下滑 公司2025H1毛利率为45.0%,同比+0.1pcts,各业务板块毛利率均有上升,但受综合素养业务中 "三人以下" ...
ST东时披露整改报告 涉1.06亿募集资金未按期归还
Xin Lang Cai Jing· 2025-08-23 05:59
Core Viewpoint - ST Dongshi (603377) has received an administrative regulatory decision from the Beijing Securities Regulatory Bureau, prompting the company to implement a comprehensive rectification plan to address identified issues [1][4]. Summary by Sections Regulatory Violations - On April 18, 2024, the company approved the temporary use of 106 million yuan of idle raised funds to supplement working capital for 12 months. However, due to multiple litigation cases and significant liquidity pressure, the company failed to repay the funds by the due date of April 17, 2025, violating relevant regulations [2]. Rectification Measures - The company is taking a multi-faceted approach to rectify the situation, including: - Accelerating communication with banks for new credit and extension plans - Liquidating inefficient idle assets and disposing of non-core fixed assets - Optimizing cash flow management and reducing expenses - Ensuring the repayment of 387 million yuan of non-operating funds by controlling shareholders and related parties - Actively seeking resolution with creditors through judicial mediation and negotiation - Hiring a professional legal team to manage long-standing or disputed debts [3]. Responsibility and Management - The rectification responsibility lies with the Chairman, General Manager, and Chief Financial Officer, with the board enforcing accountability for timely and effective rectification measures. The company asserts that the regulatory decision will not impact normal operations and emphasizes the importance of learning from this experience to protect the interests of the company and its investors [4].